Arch beats despite falling Q3 profits

Arch Capital Group reported operating income of $125.8mn for the
third quarter, down marginally from $142.1mn during the same period
last year.
The result, which represented earnings of $1.01 per share,
marked a beat on Wall Street's expectation of $0.94.
"The beat compared to our estimate was due to
lower-than-expected catastrophe losses, which was partially offset
by lower-than-expected reserve releases and a higher tax
rate," said Janney analyst, Ryan Byrnes.
Net profits fell by more, from $2